How much could YOU make by selling your second-hand car? Prices revealed as sales boom
USED car prices have soared by hundreds of pounds this year as more people are buying second-hand vehicles.
One popular model has increased 57% in price since 2019 as a shortage of new cars means more drivers are interested in older motors.
The shortage has been caused by a surge in demand after lockdowns and manufacturing delays.
The AA analysed how the price of popular second-hand cars – between three and five years old- have changed since 2019.
Ford Fiesta's are 31.18% more expensive, rising to £9,770 from £7,448.
According to the research, a Ford Focus is 43.11% more now than it was in 2019, rising to £12.764.
Volkswagen Polo's were the third most popular second hand car and had risen in price from £8,208 to £11,037 – a 34.47% jump.
That was followed by the Nissan Qashqai – up 33.1% to £14,554 – and Volkswagen Golf – reaching £17,234 after rising 31.82%.
Some cars are even increasing in value with age.
For example, a three-year-old Mini Hatch now costs 57% more than a model of the same age would have done in 2019.
But a five-year-old model currently costs 15% more than a three-year-old car did two years ago, meaning it has gained value in that time.
James Fairclough, chief executive of AA Cars, said: “With the exception of houses and some classic cars, things rarely go up in value as they age.
“Yet price growth in the used car market is so strong that some in-demand models are appreciating even as they sit on the driveway."
Meanwhile, The Telegraph reported that buyers are reselling their cars for thousands more just moneys after buying it brand new.
Used Dacia Sanderos are selling for almost £11,700, about £1,900 more than a new one.
How to get a good deal on a used car
Despite the sharp rise in prices, Mr Fairclough said "it is still possible to get a good deal on the second-hand market".
You should shop around widely before narrowing your search to your preferred models within your price range.
If you're interested in a specific vehicle, you should as the dealer questions about the car before you hand over any money.
“We advise anyone who is in the market for a used car to shop around widely and, when they have narrowed their search, to ask the dealer questions about the specific vehicle they are interested in," Mr Fairclough said.
“If they find out it has been sitting around on a forecourt for a while, the dealer may be more inclined to offer a price reduction.
“We always recommend that an independent pre-sale vehicle inspection takes place on any second-hand car before any money changes hands, to ensure drivers can have peace of mind that there are no hidden faults which will cost them money down the line.”
Drivers have been warned to check the details of their car insurance now or risk a £300 fine.
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